Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

Asahi Kasei (AHKSY Quick QuoteAHKSY - Free Report) is a stock many investors are watching right now. AHKSY is currently sporting a Zacks Rank #2 (Buy) and an A for Value.

Another notable valuation metric for AHKSY is its P/B ratio of 0.92. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.02. AHKSY's P/B has been as high as 0.94 and as low as 0.69, with a median of 0.78, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. AHKSY has a P/S ratio of 0.7. This compares to its industry's average P/S of 0.73.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Asahi Kasei is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, AHKSY feels like a great value stock at the moment.